A. A. Markov and life insurance (Q2713166)

\textit{A. A. Markov} took part in the activities of government retirement funds, and in his textbook ``Ischislenie Veroiatnostei'' (1900; JFM 31.0228.03) devoted a short section to the foundations of the probability approach to actuarial problems at the beginning of the 20th century. In section 5 of the present paper, two anonymous polemical articles by Markov published in newspapers on a practice in Russia of the time (1906) on insuring children are reprinted. A simplified description is as follows. At the birth of a son, the father invests a sum (say 1000 rubles) at 5\% (say) per annum. If the son dies before reaching age 20, the money is lost; otherwise there is a payout at age 20 of the son to the investor. Inasmuch as there is more risk to the investor, such a scheme is not, it is argued, an insurance scheme.